| Ballot proposition | The issuance of $37,550,000 bonds by the City of Saginaw, Texas, for street and road improvements in the City and levying a tax sufficient to make the payments of principal and interest thereon. La emisión de $37,550,000 en bonos por parte de la Ciudad de Saginaw, Texas, para mejoras de calles y caminos en la Ciudad y la imposición de un impuesto suficiente para realizar los pagos de capital e interés de los mismos. |
| If I vote FOR | The city will issue $37,550,000 in bonds for street improvements and levy a tax to make the payments on the bond. |
| If I vote AGAINST | The city will not issue $37,550,000 in bonds. |
| Tax consequences | If the proposition passes, the city estimates that the property tax rate will increase by 7.38 cents; for Saginaw’s average-priced home of $188,000, the property tax would increase by $138.79. |
| What is a bond? | A bond is essentially an IOU. Instead of going to a bank to get a loan, like an individual might do, governments can issue bonds to raise money for specific projects. An investor buys a bond on the understanding that they will be paid back, in full and with interest, on a set date (limited by law to 40 years). In most cases, governments must seek voter approval to issue a bond |
| What projects would this bond cover? | Proposition A bonds would cover major street improvements on Knowles Drive, McLeroy Blvd, and East Industrial Avenue. |
| Resources | Contact City Secretary jengland@saginawtx.org 817-230-0327 “The ABC’s of Saginaw: 2021 Bond Program” link: http://ci.saginaw.tx.us/1204/2021-Bond-Program (Includes descriptions of bond projects and the process used to select them, as well as links to estimated tax impacts and other bond program documents) |
